AUBURN HILLS, EAST LANSING AND FLINT, MICH. — Aaron Klein of Commercial Mortgage Capital Inc. has arranged more than $25 million in loans for properties throughout Michigan. Klein has arranged $15.06 million in financing for a 104,000-square-foot industrial property located in Auburn Hills. The non-recourse financing was based on a 10-year term, with a fixed rate of 6.33 percent. In East Lansing, Klein has arranged a $7.25 million loan for a student housing facility. The 10-year non-recourse loan for the 215-unit property carries a fixed rate of 6.49 percent. Additionally, Klein has arranged $2.7 million in financing for a 130-unit multifamily community in Flint. The 4-year partial-recourse loan has a fixed rate of 5.07 percent.
CARROLLTON, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the lease of 13,500 square feet of industrial space at 1225 Capital Dr. in Carrollton. Chris Armstrong of HSMC represented the tenant, AlphaSIGN Centre, which will be relocating from its old headquarters in Dallas to the new office and warehouse building. The landlord, Cabbot Properties, provided in-house representation. Terms of the lease were not disclosed.
POWAY, CALIF. — Josam Properties LLC has acquired a 21,000-square-foot industrial building in Poway. Sebco Inc. sold the property for $4.2 million. Built in 1998, the two-story, single-tenant facility was leased to Clean Air Power for 10 years in September 2007. Paul Lafrenz and Bill Dolan of CB Richard Ellis represented the seller; Mike Moser of CB Richard Ellis represented the buyer in the transaction. The property is located at 13615 Stowe Dr.
RIVERSIDE, CALIF. — Atlanta-based Oakmont Hunter Park Riverside LLC has completed the disposition of a 31,768-square-foot industrial building, which is located at the five-building Hunter Park Business Center in Riverside. Located at 1120 Citrus Ave., the property was acquired by M. Gardarian Family Trust for $3.1 million. The facility houses the West Coast distribution center of Rancho Santa Margarita, Calif.-based Qualis International Inc. Milo Lipson and Ryan Velasquez of Grubb & Ellis represented the seller; Todd Hergesall of Voit Commercial represented the buyer in the transaction. The business park totals 294,051 square feet.
ATLANTA — Parkside Partners of Atlanta has purchased a 50,000-square-foot warehouse, located at 5256 Peachtree Rd. in Atlanta, from a private party based in Albertville, Ala., for $3.25 million. The buyers plan on retrofitting the space for offices. William Johnson, Anthony Lois and Mary Sorrells of Bowers & Co. Land and Investment Group represented the seller.
MT. COMFORT, IND. — Indianapolis-based Browning Investments, in a joint venture with New York-based Real Estate Capital Partners, has plans to break ground on two industrial facilities within the Axcess70 industrial park in Mt. Comfort. Situated on a 153-acre site adjacent to Interstate 70, Axcess70 will house more than 2 million square feet of bulk distribution space. Browning Construction Inc. will begin building two facilities this month, with completion expected for March 2009. The first 423,000-square-foot building will include 32-foot clear-height ceilings and T5 Fluorescent Lighting; the second 250,000-square-foot facility will include 28-foot clear-height ceilings and an ESFR sprinkler system. Browning Construction Inc. will also complete construction of a third facility, which will be expandable to 1.3 million square feet. The estimated cost of construction was not disclosed.
STAMFORD, CONN. — The New York Institutional Group of CB Richard Ellis (CBRE) has brokered the sale of a 154,533-square-foot flex warehouse building located at 88 Hamilton Ave. in Stamford. The fully occupied building comprises 58,340 square feet of flex space, 56,534 square feet of warehouse space and 39,659 square feet of office space. It is fully occupied, with AmeriCares Foundation leasing all of the office space and most of the warehouse space until 2023. Additional tenants include Carolee and World Wrestling Entertainment, which occupy their spaces until 2017 and 2012, respectively. CBRE’s Jeffrey Dunne, Patrick Bisceglia and Todd Newman represented the seller, Poplar Pointe Partners Ltd. The trio also procured the buyer, 88 Hamilton Avenue Associates LLC, which is an affiliate of Seaboard Properties. The acquisition price was not disclosed.
RIVERSIDE, CALIF. — Atlanta-based Oakmont Hunter Park Riverside LLC has completed the disposition of a 31,768-square-foot industrial building, which is located at the five-building Hunter Park Business Center in Riverside. Located at 1120 Citrus Ave., the property was acquired by M. Gardarian Family Trust for $3.1 million. The facility houses the West Coast distribution center of Rancho Santa Margarita, Calif.-based Qualis International Inc. Milo Lipson and Ryan Velasquez of Grubb & Ellis represented the seller; Todd Hergesall of Voit Commercial represented the buyer in the transaction. The business park totals 294,051 square feet.
CHESAPEAKE, VA. — Atlanta-based Butler Properties has purchased 1.8 acres in the Waterway Industrial Park in Chesapeake from BBB LLC for $540,300. An 11,280-square-foot Flowers Bakery warehouse is planned for the site. Patrick Mumey and W. Scott Wermers of Thalhimer’s Virginia Beach, Va., office brokered the transaction.
WATERTOWN, WIS. — NAI MLG Commercial has brokered the acquisition of a 191,000-square-foot industrial facility located at 426 S. Montgomery St. in Watertown. Montgomery Properties LLC has acquired the building from MCF I LLC for an undisclosed amount. The new owner will reposition the single-tenant facility to house several smaller multi-tenanted units. Karen Johnson and MayBritt Lian of NAI MLG Commercial represented the buyer; Pete Slezak of Colliers Barry Inc. represented the seller in the transaction. Johnson and Lian will also serve as the exclusive leasing agents for the facility.